Obama To Announce Crackdown On Oil Market Manipulation

President Barack Obama will announce a plan on Tuesday to increase oversight and "crack down" on oil market manipulation, the White House said. Photo: REUTERS

(Reuters) - President Barack Obama will announce a plan on Tuesday to increase oversight and crack down on oil market manipulation, the White House said.

Obama will make a statement in the White House Rose Garden about the issue at 11:10 a.m. EDT (1510 GMT).

The move is the latest attempt by Obama to address the issue of high gasoline prices, which are hurting Americans and could threaten his re-election in November.

At a time when American consumers are feeling pain at the pump, it is critically important to ensure that illegal manipulation, fraud and market rigging are not contributing to gas price increases, the White House said in a statement.